Entrepreneur Bill Wolsey has said jobs are safe and it is business as usual across his portfolio of pubs, hotels, nightclubs and restaurants.

He has stressed the properties, including the hugely popular Merchant Hotel in Belfast city centre, are not for sale.

It comes after it emerged Ulster Bank is selling loans secured on a number of Mr Wolsey’s properties as part of an overall strategy to reduce debt accrued as a result of the property boom.

Chief executive of Pubs of Ulster Colin Neill said the transfer of debt by banks is not unusual.

He added Mr Wolsey’s firm, Beannchor, has contributed significantly to the growth in the hospitality industry.

“It has played a key role in reviving Belfast city centre, where it is apparent that a new and vibrant night time economy is flourishing, and indeed in other places across Northern Ireland,” he continued.

“Pubs of Ulster is confident that the portfolio will continue to trade very successfully.”

A spokeswoman from the Beannchor business group said: “We continue to work with the bank and any change in our funding arrangements will have no impact on jobs, our staff or the day to day running of The Merchant or our other businesses.

“As we have been already quoted as saying, this process is part of a well-publicised strategy by Ulster Bank to reduce its debt book, North and South.

“For Beannchor, it means we may have a new funder but other than that, it is very much business as usual for The Merchant and the pubs in this portfolio.”

The spokeswoman said the company’s focus remains the successful running of the high-performing assets continues.

She continued: “We will continue to provide excellent levels of service to our loyal customer base, support and develop the best staff in the industry and deliver robust and profitable trading.”